Buying a property is one of the biggest investments somebody will make in their entire life. Buying a property is a serious financial commitment, and requires a lot of thought and research before proceeding.
For this reason, it is a good idea to get a building condition report for the property in question. By obtaining building condition reports for a property, the buyers can proceed to know that they are going to purchase a property that is in good condition and will not have any defects that will undermine the asking price. It will tell you if there are any defects to the structure or if there are any hazards and problems that will need to be addressed. This can cost a lot of money to fix, so it is important to know in order to determine if the asking price for the property is reasonable. Otherwise, you may obtain a property that will need fixing and end up spending more on top of the asking price.
Here are some of the advantages of getting a building condition report for a property.
Find structural integrity defects
A building condition report will ensure that any defects to the structural integrity of the property will be found. This will ensure that you are buying a property that is safe to live in. Having structural defects can mean that the structural integrity of the property is questionable, which can often be dangerous. The structure is the skeleton of the property and if it is defected then it can put the safety of the inhabitants into question. You definitely do not want this if you are going to live in the property. Furthermore, if the property has defects to its structural integrity, then the asking price may be much too high. A structural defect should bring the house price down significantly, as this is very difficult to fix. You want to get a building condition report to ensure you are not paying more for the property than what it is worth.
Finding if there are any pests or hazards
A building condition report is a good way to find out if the property you intend on purchasing has any pests that could affect the structure and the health of the occupants, and if there are any hazards that could be potentially dangerous. Pests such as termites can eat away at the wood in the house, and cause structural damage to the property. This can lead to the house being deemed as unstable and unsafe. Other pests such as cockroaches, rats and other bugs can create an unhygienic environment which can lead to health issues. A building condition report will also tell you if there are any hazards to watch out for. These hazards could include loose or open electrical wires which can cause damage to material around it or if touched. Another hazard could do with the sanitation and the plumbing, as it needs to be stable and tight otherwise a leak and possibly unhygienic conditions could arise.
It acts as legal documentation
A building condition report acts as legal documentation to show that you knew what was wrong with the property before you bought it. This can be used to help solve issues that may arise down the line, as the previous owner may claim that the issues were not there before the purchase. A building condition report will prove that you have seen that these issues were present before the purchase of the property.
In summary, a building condition report is a good way to see any defects the building may have before purchasing, and will tell you whether the asking price is worth it or not.